New Delhi: Asian Paints on Wednesday reported a 17.90 percent increase in consolidated net profit at Rs 672.09 crore for the first quarter ended 30 June.
The company had reported a net profit of Rs 570.02 crore in the year-ago period.
The total income for the June 2019 quarter stood at Rs 5,204.19 crore, up 16.67 percent, as against Rs 4,460.25 crore in June quarter of the previous year, Asian Paints said in a filing to the BSE.
"The decorative business segment in India registered a high double-digit volume growth and delivered strong performance across regions," Asian Paints MD and CEO KBS Anand said.
The automotive coatings JV business was affected by the severe slowdown being witnessed in the automobile industry. Even the industrial coatings JV business was impacted by demand slowdown, Anand added.
Benign raw material prices, however, supported the margins for the entire coatings business, he said.
"In the international operations, key units like Egypt and Sri Lanka continued to witness challenging business conditions impacting the overall performance," he added.
Shares of Asian Paints were trading 1.10 percent higher at Rs 1,444 apiece on the BSE.
Updated Date: Jul 24, 2019 14:57:47 IST